According to the report investing in Transforming Futures for Young People, the pandemic has aggravated the numerous labor market challenges facing those aged between 15 and 24 years. Since the beginning of 2020, this age group has experienced a much higher percentage loss in employment than adults have. According to the report, it is anticipated that the total number of unemployed young people across the globe will reach 73 million in 2022. This represents a slight decrease from the number of unemployed young people in 2021 (75 million), but it is still six million higher than the level that existed prior to the pandemic in 2019. It’s possible that young employees may continue to feel the economic repercussions of COVID-19 for years to come. In the absence of a policy response that is far more successful than the one that was implemented in the aftermath of the Great Recession, the young workers of today are at risk of experiencing major and long-term implications in the labor market. On the other hand, the class of 2022 will be “graduating into a plethora of options.
Fears of a recession are causing some large corporations to put a hold on IT hiring, despite the fact that the economy has been flourishing for more than a year. It’s possible that this may make the Class of 2022’s transition into the workforce more difficult than they had anticipated it would be.
When unemployed is at a massively high level, such as it was in the 1980s and after 2007, the gap between the unemployment rates of youthful individuals aged 16–24 and those aged 25 and older tends to be bigger. This was the case both after 2007 and in the early 1980s. This is indeed the situation.
As the economy made more progress in its recovery from the Great Recession, the labor market continued to see substantial improvement in the years running up to 2019. Nevertheless, despite the fact that there were fewer people looking for jobs in 2019, the unemployment rate for employees aged 16–24 was still noticeably higher than the rate for individuals aged 25 and older.
Opportunities in the digital economy, the green economy, and the care economy
In the current economic climate, young employees are among the most vulnerable workers. They tend to work in the sectors and vocations that have suffered the highest job losses due to the closure of COVID-19, and they are the least likely to be able to work from home. They also tend to have higher rates of unemployment and underemployment compared to older employees.
The digital economy, the green economy, and the care economy all provide an increasing number of work possibilities. Young people, both women, and men are in a good position to profit from the growth of green and blue ocean resources and industries that are based on their sustainable usage. As per the findings of the study, the adoption of green and blue policy initiatives might result in the creation of 8.4 million new employment opportunities for young people by the year 2030.
There is a nearly 1.5-fold difference in the employment rates of young males and young women. The gender gap, which has shown no evidence of narrowing over the previous two decades, is biggest in lower-middle income nations, at 17.3 percentage points, and lowest in high-income countries, at 2.3 percentage points. This disparity has not shown any sign of reducing over the past two decades.
Moreover, strategic investments in digital technology may be in a position to employ large numbers of young employees. According to the findings of the analysis, obtaining universal broadband access by the year 2030 may result in a net gain of employment of 24 million new jobs throughout the globe, of which young people would fill 6.4 million of those positions.
According to the findings of a survey, implementing green, digital, and care measures concurrently as part of a major push for invested capital would result in a 4.2% increase in the global gross domestic product (GDP) and the creation of a supplemental 139 million jobs for workers of all ages all over the world, which it’s 32 million would be accounted for by younger workers.
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